Evidence of Borrower’s title. Evidence satisfactory to the Facility Agent that the certificate of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) of the Vessel’s Flag State will be issued on the Delivery Date confirming that (a) the Vessel is permanently registered under that flag in the ownership of the Borrower, (b) the Mortgage has been registered with first priority against the Vessel and (c) there are no further or other Security Interests registered against the Vessel.
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Samples: Loan Agreement (Teekay Offshore Partners L.P.), Loan Agreement
Evidence of Borrower’s title. Evidence satisfactory to the Facility Agent that the certificate of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) of the Vessel’s Flag State will be issued on the Delivery Date confirming that (a) the Vessel is permanently registered under that flag in the ownership of the Borrower, (b) the Mortgage has been registered with first priority against the Vessel and (c) there are no further or other Security Interests registered against the VesselVessel will, in each case, be available on the Drawdown Date for the final Advance.
Appears in 2 contracts
Samples: Loan Agreement (Teekay Offshore Partners L.P.), Loan Agreement (Teekay Corp)
Evidence of Borrower’s title. Evidence satisfactory to the Facility Agent that the certificate of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) of the Vessel’s Flag State will be issued on the Delivery Date confirming that (a) the Vessel is permanently registered under that flag in the ownership of the Borrower, (b) the Mortgage has been registered with first priority against the Vessel and (c) there are no further or other Security Interests registered against the VesselVessel will, in each case, be available on the Drawdown Date for the first Advance.
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